Incell closes SEK 30M in outside investment.

Incell, a Stockholm, Sweden-based company manufacturing Lithium battery solutions for the telecom industry, raised a SEK 30M ($3.5M) investment round.

The money comes from existing investors, including Harald Mix which contributed with SEK 14M, and comes in connection with the company expansion in Sweden and with opening a facility in Mexico.

Incell International, founded in 2014 and led by CEO Stefan Jansson, manufactures smart lithium based power back-up solutions to the global telecom market that increase network availability while reducing cost with minimal environmental impact.

The company expects to close in SEK 90M ($11M) in sales in 2017, an 9x increase from 2016.

Prior to this deal, Incell closed more than $2M in outside funding from investors including Harald Mix and its chairman of the board, Carl-Erik Lagercrantz.